Stats Assignment 10

.pdf

School

Rutgers University *

*We aren’t endorsed by this school

Course

01:960:285

Subject

Statistics

Date

Jan 9, 2024

Type

pdf

Pages

Uploaded by CountElectron9465

Amaya Lowe Professor Andrew Magyar Intro to Stats for Business 2023 December 03 In this assignment, we will continue to analyze the diamond dataset. Once again, the variable of interest will be the diamond Price. For parts (1) – (2), assume the variance of diamond prices is unknown. 1) Construct a 90% Confidence Interval for the mean diamond price. a) The 90% confidence interval for the mean diamond price would be: Lower Endpoint: 4700 Upper Endpoint: 5338 2) Calculate the precision of the 90% Confidence Interval for the mean diamond price constructed in part (3). a) The precision of the 90% Confidence Interval would be 318 For part (3), assume the variance of diamond prices is 11,000,000. 3) How many diamonds would need to be sampled to achieve a precision of $100 at a level of confidence of 95%? a) 4226 diamonds would need to be sampled to achieve a precision of $100 at a level of confidence of 95%.

Discover more documents: Sign up today!

Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get: